Performance Counts

  • Performance Counts:

  • Best Practices in CDFI Financial Statements and Management

 

Overview

Citi Leadership Program for Opportunity Finance Performance Counts is an industry-led collaborative effort to develop industry standards and best practices around financial statements and financial management, and serve as an industry forum for sharing information, documents, and ideas on these topics.

The goals of Performance Counts are to:

  • Achieve greater consensus within the CDFI industry around financial metrics, financial statements, financial reporting, and financial management;
  • Lead to streamlined financial reporting and clearer messaging by CDFIs; and
  • Enable increased access to capital sources as it becomes easier for current and prospective investors to better understand CDFI financial statements, financial performance, and financial wherewithal.

This effort includes:

  • An industry-led CFO working group by CDFIs for CDFIs to develop standards and best practices for CDFI financial statements and management.
  • A forum among CDFI CFOs and finance professionals, which will include webinars, meetings, and an online forum to facilitate CDFI exchange of documents, ideas, resources, best practices, and other information.

Working Group and Advisors

The following CDFIs are participating in the working group. One or more individuals from these organizations meet to review the issues and arrive at the recommendations and guidance discussed in working group papers. These recommendations are endorsed by the working group members.

Capital Impact Partners
Chicago Community Loan Fund
Corporation for Supportive Housing
Craft3
FAHE
Low Income Investment Fund
New Hampshire Community Loan Fund
New Jersey Community Loan Fund
Northern California Community Loan Fund
Opportunity Finance Network
The Progress Fund
The Reinvestment Fund
Self-Help Ventures Fund

Additionally, a number of experts provided accounting advice and guidance to the Working Group to ensure that the information and recommendations presented in this paper are compliant with GAAP and other accounting guidance.

Alexander, Aronson, Finning & Company
CohnReznick LLP
RSM US LLP
Novogradac & Company LLP

OFN is coordinating with Aeris to ensure that this effort is complementary to the data collection platform that Aeris has developed.

The Working Group also received input from many other CDFIs, CDFI funders and investors, and industry advisors. OFN appreciates the feedback from these various parties, which contributed to the final paper content.

Resources

Performance Counts publishes periodic white papers that address specific financial statement topics with the goal of encouraging wide participation and sharing of recommendations on how to present financial information in a more clear, standard, and transparent way to both internal and external stakeholders of CDFIs. We encourage CDFIs to adopt the recommendations in these papers and share the working paper with their auditors in an effort to move to more consistency and transparency in the presentation of CDFI financial statements. Please contact Beth Lipson and Fran Lutz with comments and questions on the papers and the Performance Counts initiative.

White Papers

Webinars

Liquidity and Cash Management
December 16, 1:00–2:00 PM ET
Register Now!

Printer Friendly and PDF